The website for cryptocurrency Ponzi scheme OneCoin has finally ceased operating, months after United States authorities indicted one of its founders for fraud. As MLM scam monitoring resource BehindMLM.com noted on Dec. 1, OneCoin.eu no longer returned a live result as of Nov. 30. “Legal investigation” offlines OneCoin.eu Upon investigation, a representative from EurID, the domain’s registry, confirmed to the publication that the website was offline due to the criminal proceedings against OneCoin. “The domain name is under legal investigation. Please further check our WHOIS for the status of the domain name,” a written response reads. The event marks the …

This year has yielded significant price action for Bitcoin (BTC), both to the upside and to the downside. Some now argue that the recent price movement is due to big players selling their stakes and flooding the market. As Cointelegraph reported on Aug. 18, the alleged PlusToken scam was thought to have moved over $240 million of proceeds in BTC, according to a tweet posted by Whale Alert, an account that flags large crypto transactions. Meanwhile, recently published data from Crypto Twitter analyst Ergo shows that the current sell-off in the market is possibly due to the liquidation of 200,000 …

How can payment fraud be avoided? Introducing better verification measures can go a long way to protecting consumers. Amazon and eBay are often held up as good examples of how transactions should be handled in the wider economy. These sites often deliver impartial reviews based on the past activities of buyers and sellers, meaning it is easier for consumers to find someone reputable. Measures are also in place to protect both parties if a transaction doesn’t go to plan. A multitrader marketplace called Kuverit is aiming to bring this to the crypto and fiat world alike. The company claims it …

The United States Commodity Futures Trading Commission (CFTC) has announced the filing of a civil enforcement action against Nevada-based Circle Society. Defendants guaranteed investors 300% return On Oct. 16, the CFTC announced that it was charging Circle Society and its owner, David Gilbert Saffron, with “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme.” According to the charges, the defendants misappropriated at least $11 million worth of Bitcoin (BTC) and U.S. dollars from individuals in the United States to “trade off-exchange binary options on foreign currencies and cryptocurrency pairs, among other things.” CFTC Chairman Heath …

Glasgow-based Jen McAdam claims supporters of the alleged OneCoin pyramid scheme are sending her death threats, mainly through Facebook. Death threats reported to the police On Oct. 14, the BBC wrote that Jen McAdam, a duped OneCoin digital currency investor, reported a slew of messages she received, threatening her with death and violence, to the police in Scotland. McAdam claims that the threats are part of a coordinated attack by OneCoin supporters, adding: "It is horrible, the abuse is vile and the threats feel very real to me, I'm always looking over my shoulder now. It is taking its toll …

The story of Brazil’s crypto scams took a new twist over the past week as CEO of an alleged pyramid scheme reportedly fled the country after rejecting court deadlines. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil. Banco Original sponsors a crypto-related event Brazil’s Banco Original was the principal sponsor of the Expo Boa Chance, a major fintech conference bringing together financial institutions, multilevel marketing and cryptocurrency-related firms, Cointelegraph Brasil reported on Oct. 6. Held at Expo Dom Pedro in Campinas, the event reportedly hosted more than 20,000 entrepreneurs. According …

Brazil saw another week of reports on alleged cryptocurrency scams as the Sao Paulo Court ordered to block the assets managed by Unick Forex, while another firm was reported of promising 400% returns through a cryptocurrency investment scheme. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil. Unick Forex reportedly flees offices but apparently will resume operations Following a police investigation of purported investment scheme Unick Forex, staff reportedly fled the firm’s offices with computers and other hardware in tow. Cointelegraph Brasil reported on Sept. 20 that, according to the administrators …

Ethereum (ETH) smart contract FairWin, recently accused of being the fastest-growing Ponzi scheme on Ethereum, was emptied. According to Etherscan’s data, at press time FairWin’s balance is exactly zero ETH. Yet, the smart contract held over 49,518 ETH just a few days ago on Sept. 26. FairWin’s value also topped at over $10 million on Sept. 21. The fastest-growing Ponzi scheme on Ethereum It is unclear whether the contract was drained by its owner, some malicious actors or concerned users, but the multitude of withdrawing addresses suggests the latter. As Cointelegraph reported on Sept. 27, multiple crypto social media users …

The biggest Ethereum contract in the industry, dubbed FairWin, is allegedly putting user funds at risk and continues to guzzle a major amount of gas on the network. Multiple crypto social media users have been analyzing what they believe to be the fastest-growing Ponzi scheme on Ethereum. On Sept. 27, blockchain developer Philippe Castonguay warned: “The http://FairWin.me Ponzi Scheme contains critical vulnerabilities that put all funds at risk. Spread knowledge (especially in Asia) Users need to withdraw their funds and stop interacting with the contract ASAP.” Crypto community sleuths at work A detailed Dune dashboard has been collated by security …

Chinese crypto exchange Huobi has seen the highest number of withdrawals from the alleged crypto Ponzi scheme PlusToken to date, according to new research. Chinese exchanges prevail New York-based blockchain infrastructure firm Elementus released a study on Aug. 23, claiming that almost 50% of the total number of PlusToken withdrawals were sent to Huobi. As Cointelegraph reported earlier in August, PlusToken apparently began a mass sell-off of Bitcoin (BTC) that may have been to blame for a $400 dip in BTC’s price over a matter of minutes. According to the research, PlusToken withdrawals on Huobi amounted to over 4.3 million …

Over $240 million in proceeds from the alleged crypto scheme PlusToken have reportedly moved through four Bitcoin (BTC) transactions. Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — posted on Aug. 17 that four transactions totaling 22,923 BTC were likely the proceeds of PlusToken. The four transactions moved 6,000 BTC, 5,000 BTC, 7,000 BTC and 4,923 BTC. All the transactions took place on Aug. 17. The monitor admits that, while the transactions are likely associated with the purported scheme, they are unconfirmed. Largest reported exit scam As Cointelegraph reported in an analysis of the biggest crypto …

As the appeal of cryptocurrency has grown, so has the opportunity for scammers to part naive investors from their money. 2019 has been no exception, with cryptocurrency and blockchain forensics company Ciphertrace dubbing it “the year of the exit scam.” Exit scams are not a new phenomenon, with a 2018 report conducted by Statis Group revealing over 80% of initial coin offerings (ICOs) in that year to have been fraudulent. Here, Cointelegraph explains exit scams and how to spot them, as well as a look at some of the biggest scams that have been discovered by various researchers. What are …